MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Name :	EAST ASIA FIBER LTD.
Registered Office :	c/o Success Corporate Services Ltd., 11/F., AXA Centre, 151 Gloucester Road, Wanchai
Country :	Hong Kong
Date of Incorporation :	26.11.2009
Com. Reg. No.:	51469865
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of T/C, Cotton, PVC coated, Taffeta, Polyester, Ramie, Linen and their blends, Yarn Dyed, Fabrics, etc.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Hong Kong	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

EAST ASIA FIBER LTD.

Company ADDRESS

c/o Success Corporate Services Ltd.

11/F., AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong.

PHONE: 8206 9319

FAX: 3019 1969

MANAGEMENT

Managing Director: Mr. Jigar Dinesh Patel

SUMMARY

Incorporated on: 26th November, 2009.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

c/o Success Corporate Services Ltd.

11/F., AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong.

Associated/Affiliated Companies:

Agri Fiber Pvt. Ltd., India.

Venus Fiber Pvt. Ltd., India.

BUSINESS REGISTRATION NUMBER

51469865

COMPANY FILE NUMBER

1395685

MANAGEMENT

Managing Director: Mr. Jigar Dinesh Patel

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

SHAREHOLDER

(As per registry dated 26-11-2010)

Name	No. of shares
Jigar Dinesh PATEL	10,000 =====

DIRECTOR

(As per registry dated 26-11-2010)

Name (Nationality)	Address
Jigar Dinesh PATEL	Room 1058-A, Hong Cheng Mansion, Zhongxing North Road, No. 390, Shaoxing, Zhejiang, China.

SECRETARY

(As per registry dated 26-11-2010)

Name	Address	Co. No.
Success Corporate Services Ltd.	Unit 2208, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong.	618863

HISTORY

The subject was incorporated on 26th November, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: T/C, Cotton, PVC coated, Taffeta, Polyester, Ramie, Linen and their blends, Yarn Dyed

Fabrics, etc.

Employees: Nil.

Commodities Imported: India, Europe, China, etc.

Markets: Worldwide countries.

Terms/Sales: L/C, T/T, etc.

Terms/Buying: L/C, T/T, etc.

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, East Asia Fiber Ltd. is wholly owned by Jigar Dinesh Patel who is an India passport holder and does not have the right to reside in Hong Kong permanently.

Jigar Dinesh Patel is also the only director of the subject and most of the time he is stationing in China.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at 11/F., AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong known as Success Corporate Services Ltd. which is handling its correspondences and documents. Success Corporate Services Ltd. is also the corporate secretary of the subject. This firm has had a number of branch companies in Hong Kong.

The subject has no employees in Hong Kong.

The main office of the subject is in China. It is dealing in several products like fabrics and yarns. It is exporting T/C, Cotton, PVC coated, Taffeta, Polyester, Ramie, Linen and their blends, Yarn Dyed Fabrics, etc.

It is also dealing in polyester, Nylon, Viscose, Embroidery yarns. In total, the subject carries more than 50 items. Its current markets are India, Thailand, South America, Singapore, Europe, South Africa, etc.

The subject belongs to a chain group of companies such as Venus Fiber Pvt. Ltd. [Venus] and Agri Fiber Pvt. Ltd. [Agri Fiber].

Venus is involved in the production of synthetic and Polyamide yarns with German Barmag spinning production lines, stretch strengtheners from Germany and Japan. It is also engaged in manufacturing Viscose Dyed Yarns which is used specially for embroidery threads, also manufacturing textile fabrics like polyester fabrics, cotton fabrics, T/C fabrics and cross-weaving, ramie cloth fabric, and so on.

Agri Fiber, based in India, is producing all kinds of Agro Products such as raw cotton, cotton linter, cotton seed oil. It is one of the leading suppliers for the above products both in India and abroad. Its products are exported to Asia, Europe and the United States. This firm has its production lines located in China and India. Its products are exported to Mexico, Brazil and Syria. Its international marketing head office is also in Zhejiang Province, China.

It is likely that the China firms deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firms also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not very active.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.25
Euro	1	Rs.62.68

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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